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S 3625 118th Congress Senate Commerce

Protect Small Business and Prevent Illicit Financial Activity Act

Introduced: January 18, 2024 Introduced by: Scott, Tim Republican · South Carolina See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 18, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 18, 2024
Introduced in Senate
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 Plain-English summary Congressional Research Service

Protect Small Business and Prevent Illicit Financial Activity Act

This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.

The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days).

What's happening now January 18, 2024

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 1
  • HR 5119 Related bill Protect Small Business and Prevent Illicit Financial Activity Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 13

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

See all 13 filings →
 Cosponsors 3
All 3 Republican 3
R
Rounds, Mike
South Dakota · Dec 12, 2024
 R
Moran, Jerry
Kansas · Dec 3, 2024
 R
Lankford, James
Oklahoma · Jul 24, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3625: Protect Small Business and Prevent Illicit Financial Activity Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-3625/
MLA
"S. 3625: Protect Small Business and Prevent Illicit Financial Activity Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3625/.
Bluebook (legal)
S. 3625, 118th Cong. (2026), https://openamerica.io/bill/118-S-3625/.
Markdown link
[S. 3625: Protect Small Business and Prevent Illicit Financial Activity Act](https://openamerica.io/bill/118-S-3625/)
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